Top Cadbury investor says Kraft needs to raise bid

LONDON, Nov 9 (Reuters) - A major shareholder in Cadbury (CBRY.L) said on Monday that Kraft (KFT.N) will have to raise its offer for the candy maker to be succesful.

The top ten investor, who declined to be named, told Reuters: "They need to raise the bid from here to be successful."

He added: "If there is 8 pounds ($13.42) plus on the table (per share), it is going to be difficult for Cadbury shareholders to walk away from that - but that's not what's on the table at the moment."

The shareholder added: "The Cadbury board is right in rejecting this offer, although the risk reward is looking less and less favourable for Cadbury." (Reporting by Raji Menon) ($1=.5960 Pound)